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Southern Hydropower Joint Stock Company (SHP) Fair Value & Analysis

Utilities · VN · Market cap 3.3T VND

SH Southern Hydropower Joint Stock Company SHP · VN
Price30,850 VND
Fair Value43,541 VND
Upside+41.1%
Quality86/100
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Healthy Growth
Highly profitable · 47.6% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Wide moat 90/100
Evidence: High Range 32,507 VND – 54,575 VND Share as image

Fair value as of: Jul 16, 2026

From 23 valuation models · updated 25 days ago

Share price −6.2% over the past month.

A strong business, screening 41% undervalued on our models.

What matters now

  • The rarer combination: high quality (86/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (32,507 VND). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

33,650 VND 11,472 VND Fair Value 43,541 VND Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 11,472 VND – 33,650 VND · fair‑value band 32,507 VND – 54,575 VND · the 30,850 VND price screens below the 43,541 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Southern Hydropower Joint Stock Company (SHP) currently trades at 30,850 VND, while our model-based Fair Value estimate is 43,541 VND, implying the stock looks roughly 41.1% undervalued today. The Quality Score stands at 86/100 (high quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Southern Hydropower Joint Stock Company generated revenue of 679B VND at a net margin of 47.6%. Revenue grew 46.7% year over year. It earns a return on equity of 25.8%. Net debt stands at 60.1B VND. Fundamentals as of Jul 16, 2026

Our scenario range runs from 32,507 VND (bear case) to 54,575 VND (bull case); at 30,850 VND, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 14% below its 52-week high, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -48% fair-value upside, at 41%, SHP screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 49,752 VND 68,217 VND 97,296 VND 80
Residual Income 18,573 VND 22,263 VND 56,873 VND 76
ROIC Compounder 32,104 VND 38,490 VND 45,009 VND 72
All 23 models by family
DCF Models
FCF DCF 47,911 VND 67,014 VND 98,784 VND 38
Owner Earnings 45,138 VND 63,084 VND 92,930 VND 31
5Y Revenue Exit 25,154 VND 31,172 VND 38,805 VND 39
5Y EBITDA Exit 36,935 VND 51,552 VND 68,832 VND 41
5Y P/E Exit 40,669 VND 58,010 VND 76,410 VND 38
10Y Revenue Exit 32,788 VND 39,524 VND 46,826 VND 36
10Y EBITDA Exit 40,565 VND 53,416 VND 68,095 VND 37
10Y P/E Exit 42,926 VND 57,819 VND 73,463 VND 35
Earnings-Based
Graham-Dodd 20,042 VND 38,674 VND 48,294 VND 54
EPV 31,306 VND 36,459 VND 41,038 VND 59
Dividend Discount
Gordon GGM 23,914 VND 33,783 VND 44,220 VND 70
DDM Multi-Stage 23,914 VND 33,919 VND 46,170 VND 61
Multiples
P/E Multiple 39,789 VND 53,052 VND 66,315 VND 63
P/S Multiple 11,999 VND 15,999 VND 19,998 VND 58
P/B Multiple 18,262 VND 24,350 VND 30,437 VND 55
EV/EBIT 40,064 VND 52,716 VND 65,367 VND 53
EV/EBITDA 35,211 VND 46,244 VND 57,278 VND 54
EV/Revenue 13,308 VND 18,108 VND 22,907 VND 43
Asset-Based
NCAV (Graham) 6,764 VND 9,063 VND 13,528 VND 50
Growth DCF
Growth DCF 49,752 VND 68,217 VND 97,296 VND 80
Economic Profit
Residual Income 18,573 VND 22,263 VND 56,873 VND 76
ROIC Compounder 32,104 VND 38,490 VND 45,009 VND 72
Growth Earnings
Growth-Adj P/E 28,797 VND 41,139 VND 53,480 VND 68

Widest divergence: Growth DCF (68,217 VND) versus Asset-Based (9,063 VND). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 679B VND
Revenue growth (YoY) +46.7%
Net margin 47.6%
Return on equity 25.8%
Free cash flow 427B VND FY2025
P/E ratio 11.0
More key figures
Operating margin 42.0%
EPS (TTM) 3,078 VND
EPS growth (YoY) +196%
Net debt 60.1B VND FY2023

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 86/100

Of which business quality 81 · Market factors (momentum, volatility) 52

Profitability 70
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 91
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 22
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Southern Hydropower Joint Stock Company engages in the construction, production, installation, operation, transmission, and distribution of hydropower plants in Vietnam.

Full company description

Southern Hydropower Joint Stock Company engages in the construction, production, installation, operation, transmission, and distribution of hydropower plants in Vietnam. It owns and operates hydropower plants, including Da M'bri plant with installed capacity of 75 MW, Da Dang 2 plant with installed capacity of 34 MW, and Da Siat plant with installed capacity of 13.5 MW. The company was founded in 2004 and is headquartered in Bao Loc, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Southern Hydropower Joint Stock Company reported revenue of 648B VND in FY2025 versus 658B VND in FY2021, a compound −0.4%/yr. Reported net income was 298B VND in FY2025, compounding +3.0%/yr from FY2021.

Growth Quality 87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
648B VND
Latest YoY
+3.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.6%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.1%
Revenue −0.4%/yr
FY21 658B VND
FY22 746B VND
FY23 661B VND
FY24 628B VND
FY25 648B VND
Net income +3.0%/yr
FY21 265B VND
FY22 321B VND
FY23 275B VND
FY24 296B VND
FY25 298B VND

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Cite: Fair Value Calculator (2026). "Southern Hydropower Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/SHP

Peer Group

Utilities - Diversified · 51 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 86 · Top 25%
Fair Value upside +41% · Top 25%
Return on equity (TTM) 26% · Top 25%
Return on assets 18% · Top 25%
Net margin (TTM) 48% · Top 25%
Operating margin (TTM) 42% · Top 25%
Revenue growth 47% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Utilities - Diversified median · lower = cheaper

P/E (TTM) 10.5× · Cheaper than 75% of peers
P/B 2.39× · Pricier than 75% of peers
P/S (TTM) 4.82× · Pricier than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 6.5× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 88 · sector 14
FUTURE 100 · sector 0
PAST 100 · sector 33
HEALTH 100 · sector 49
DIVIDEND 0 · sector 80

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Iberdrola, S.A IBE €21.25 €9.34 -56%
Enel SpA ENEL €10.28 €5.83 -43%
Engie SA 1ENGI €26.59 €17.39 -35%
Sempra SRE $93.15 $47.77 -49%
E.ON SE EOAN €19.34 €11.71 -39%
RWE Aktiengesellschaft generates and 1RWE €56.52 €29.64 -48%
ACWA Power Company 2082 198.20 SAR 25.38 SAR -87%
Brookfield Infrastructure Partners L.P. BIPUN C$55.05 C$17.66 -68%
EnBW Energie Baden-Württemberg AG EBK €69.00 €21.11 -69%
EDP, S.A EDP €4.41 €3.81 -14%

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Frequently asked questions

Is Southern Hydropower Joint Stock Company (SHP) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 43,541 VND versus a price of 30,850 VND, about +41% (undervalued).
What is the fair value of SHP?
Our model-based fair value for Southern Hydropower Joint Stock Company is 43,541 VND (as of Jul 16, 2026), built from audited fundamentals. The current price is 30,850 VND.
What is the quality score of SHP?
Southern Hydropower Joint Stock Company has a Quality Score of 86/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Southern Hydropower Joint Stock Company (SHP)?
Southern Hydropower Joint Stock Company reported trailing-twelve-month revenue of about 679B VND (latest available figure, as of Jul 16, 2026).
What is the net profit margin of SHP?
The net profit margin of Southern Hydropower Joint Stock Company is about 47.6%, meaning it keeps roughly 47.6% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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